Soñado literally translates to the past participle 'dreamed', but it is frequently used as an adjective in Spanish to describe something 'ideal', 'perfect', or 'straight out of a dream'.
In this romantic ballad, Juan Gabriel sings about holding "tu cuerpo soñado" (your dreamed-of body) in his arms. It is a beautifully poetic word that expresses how his partner is exactly what he has always wished for.
This song is a beautiful, gentle story about how love can completely change your world. The singers, Mexican legend Juan Gabriel and the wonderful Natalia Lafourcade, describe a love that grew slowly over time. They say, "Poco a poco a poquito me fui enamorando" (Little by little, a little bit, I was falling in love). It wasn't a sudden crash of lightning, but a sweet, gradual process that taught them not just how to love someone else, but how to truly live.
Before this person came along, life was just something that happened. Now, everything has a purpose. The singers declare, "Hoy canto y vivo contento" (Today I sing and live happily) because they can finally say, "Ya no vivo por vivir" (I no longer live just to live). This love has given them a reason for being, transforming their existence from simply going through the motions to feeling full of joy and meaning.